Question:

A company has the following information from its balance sheet:

Assets	Amount (USD)	Liabilities and Equity	Amount (USD)
Cash	$240,000	Accounts Payable	$80,000
Accounts Receivable	$140,000	Notes Payable	$85,000
Inventory	$160,000	Long-term Debt	$350,000
Property	$400,000	Shareholders' Equity	$650,000

Calculate the return on equity (ROE) for the company based on the provided balance sheet and the net income of $120,000.